Exhibit 99.1

ANNEX A

THE TRUST STUDENT LOAN POOL

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by SLMA, VG Funding and SLM ELC by employing several criteria, including requirements that each trust student loan as of the original statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date):

•

was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;

•

contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;

•

was fully disbursed;

•

was not more than 210 days past due;

•

did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and

•

had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate.

No trust student loan as of the applicable cutoff date was subject to any prior obligation to sell that loan to a third party.

Unless otherwise specified, all information with respect to the trust student loans is presented as of May 31, 2026, which is the statistical disclosure date.

The following tables provide a description of specified characteristics of the trust student loans as of the statistical disclosure date. The aggregate outstanding principal balance of the loans in each of the following tables includes the principal balance due from borrowers, plus accrued interest of $1,433,338 to be capitalized as of the statistical disclosure date. Percentages and dollar amounts in any table may not total 100% or whole dollars due to rounding. The following tables also contain information concerning the total number of loans and total number of borrowers in the portfolio of trust student loans. For ease of administration, the servicer separates a consolidation loan on its system into two separate loan segments representing subsidized and unsubsidized segments of the same loan. The following tables reflect those loan segments within the number of loans. In addition, 8 borrowers have more than one trust student loan.

The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction. Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to maturity of any of the trust student loans as a result of prepayments or the granting of deferment and forbearance periods.

A-1

2004-5

The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of initial trust student loans.

Percentages and dollar amounts in any table may not total 100% of the initial trust student loan balance, as applicable, due to rounding.

COMPOSITION OF THE TRUST STUDENT LOANS AS OF

THE STATISTICAL DISCLOSURE DATE

Aggregate Outstanding Principal Balance	$	317,993,531
Aggregate Outstanding Principal Balance – Treasury Bill	$	45,026,132
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill		14.16	%
Aggregate Outstanding Principal Balance – One-Month LIBOR	$	272,967,399
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR		85.84	%
Number of Borrowers		7,906
Average Outstanding Principal Balance Per Borrower	$	40,222
Number of Loans		13,957
Average Outstanding Principal Balance Per Loan – Treasury Bill	$	51,814
Average Outstanding Principal Balance Per Loan – One-Month LIBOR	$	20,856
Weighted Average Remaining Term to Scheduled Maturity	177 months
Weighted Average Annual Interest Rate		4.81	%

We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments. The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.11% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the one-month LIBOR rate was 2.64% as of the statistical disclosure date. See “Special Allowance Payments” in Appendix A to the preliminary remarketing memorandum.

For these purposes, the 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the U.S. Department of the Treasury.

A-2

2004-5

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY BORROWER INTEREST RATES AS OF THE STATISTICAL

DISCLOSURE DATE

Interest Rates	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Less than or equal to 3.00%		2,641	$	40,163,227		12.6	%
3.01% to 3.50%		3,089		47,513,300		14.9
3.51% to 4.00%		3,209		65,037,223		20.5
4.01% to 4.50%		2,853		64,398,973		20.3
4.51% to 5.00%		461		13,896,678		4.4
5.01% to 5.50%		172		6,210,054		2.0
5.51% to 6.00%		175		7,897,340		2.5
6.01% to 6.50%		137		6,010,682		1.9
6.51% to 7.00%		148		7,107,457		2.2
7.01% to 7.50%		146		4,653,939		1.5
7.51% to 8.00%		378		18,049,777		5.7
8.01% to 8.50%		246		12,561,612		4.0
Equal to or greater than 8.51%		302		24,493,269		7.7

Total		13,957	$	317,993,531		100.0	%

We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date. Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

A-3

2004-5

DISTRIBUTION OF THE TRUST STUDENT LOANS BY

OUTSTANDING PRINCIPAL BALANCE PER BORROWER

AS OF THE STATISTICAL DISCLOSURE DATE

Range of Outstanding Principal Balance		Number of Borrowers		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Less than $5,000.00			1,090	$	3,004,206		0.9	%
$	5,000.00-$ 9,999.99		1,098		8,096,279		2.5
$	10,000.00-$14,999.99		805		10,012,164		3.1
$	15,000.00-$19,999.99		730		12,741,432		4.0
$	20,000.00-$24,999.99		599		13,453,013		4.2
$	25,000.00-$29,999.99		497		13,592,918		4.3
$	30,000.00-$34,999.99		430		13,939,697		4.4
$	35,000.00-$39,999.99		338		12,634,746		4.0
$	40,000.00-$44,999.99		243		10,296,234		3.2
$	45,000.00-$49,999.99		221		10,488,184		3.3
$	50,000.00-$54,999.99		208		10,917,239		3.4
$	55,000.00-$59,999.99		169		9,706,448		3.1
$	60,000.00-$64,999.99		165		10,309,910		3.2
$	65,000.00-$69,999.99		127		8,564,029		2.7
$	70,000.00-$74,999.99		93		6,754,720		2.1
$	75,000.00-$79,999.99		81		6,271,480		2.0
$	80,000.00-$84,999.99		95		7,811,419		2.5
$	85,000.00-$89,999.99		63		5,494,822		1.7
$	90,000.00-$94,999.99		76		7,035,388		2.2
$	95,000.00-$99,999.99		51		4,976,684		1.6
$	100,000.00 and above		727		131,892,520		41.5

Total			7,906	$	317,993,531		100.0	%

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY DELINQUENCY STATUS AS OF THE

STATISTICAL DISCLOSURE DATE

Number of Days Delinquent	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0-30 days		13,214	$	294,369,508		92.6	%
31-60 days		218		6,323,037		2.0
61-90 days		108		3,189,041		1.0
91-120 days		109		3,691,489		1.2
121-150 days		62		2,169,238		0.7
151-180 days		38		1,010,581		0.3
181-210 days		50		1,546,450		0.5
Greater than 210 days		158		5,694,185		1.8

Total		13,957	$	317,993,531		100.0	%

A-4

2004-5

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY REMAINING TERM TO SCHEDULED MATURITY

AS OF THE STATISTICAL DISCLOSURE DATE

Number of Months Remaining to Scheduled Maturity	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0 to 3		95	$	48,993		*
4 to12		267		274,188		0.1	%
13 to 24		411		1,189,330		0.4
25 to 36		1,092		4,755,446		1.5
37 to 48		1,195		5,836,977		1.8
49 to 60		634		4,494,660		1.4
61 to 72		594		5,369,561		1.7
73 to 84		448		5,417,303		1.7
85 to 96		1,314		16,299,639		5.1
97 to 108		1,854		27,232,619		8.6
109 to 120		820		15,785,344		5.0
121 to 132		883		20,722,494		6.5
133 to 144		722		20,755,362		6.5
145 to 156		606		19,687,089		6.2
157 to 168		590		21,244,792		6.7
169 to 180		458		17,908,007		5.6
181 to 192		370		16,930,143		5.3
193 to 204		271		14,470,904		4.6
205 to 216		201		10,257,321		3.2
217 to 228		146		8,248,555		2.6
229 to 240		143		7,154,462		2.2
241 to 252		86		5,130,583		1.6
253 to 264		73		5,309,389		1.7
265 to 276		75		5,058,904		1.6
277 to 288		52		4,133,882		1.3
289 to 300		121		11,472,683		3.6
301 to 312		333		32,468,947		10.2
313 to 324		19		1,400,528		0.4
325 to 336		15		1,489,639		0.5
337 to 348		14		1,397,598		0.4
349 to 360		28		3,876,415		1.2
361 and above		27		2,171,775		0.7

Total		13,957	$	317,993,531		100.0	%

*	Represents a percentage greater than 0% but less than 0.05%.

We have determined the number of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

A-5

2004-5

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY CURRENT BORROWER PAYMENT STATUS

AS OF THE STATISTICAL DISCLOSURE DATE

Current Borrower Payment Status	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Deferment		239	$	8,534,013		2.7	%
Forbearance		662		29,309,120		9.2
Repayment
First year in repayment		56		5,731,556		1.8
Second year in repayment		71		4,378,838		1.4
Third year in repayment		111		6,039,022		1.9
More than 3 years in repayment		12,818		264,000,983		83.0

Total		13,957	$	317,993,531		100.0	%

Current borrower payment status refers to the status of the borrower of each trust student loan as of the statistical disclosure date. The borrower:

•

may have temporarily ceased repaying the loan through a deferment or a forbearance period; or

•

may be currently required to repay the loan – repayment.

See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 168.3 calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date.

A-6

2004-5

SCHEDULED WEIGHTED AVERAGE REMAINING MONTHS IN

STATUS OF THE TRUST STUDENT LOANS BY

CURRENT BORROWER PAYMENT STATUS AS OF THE

STATISTICAL DISCLOSURE DATE

	Scheduled Months in Status Remaining
Current Borrower Payment Status	Deferment		Forbearance		Repayment
Deferment		17.4		-		218.8
Forbearance		-		13.7		212.5
Repayment		-		-		170.5

We have determined the scheduled weighted average remaining months in status shown in the previous table without giving effect to any deferment or forbearance periods that may be granted in the future. Of the $8,534,013 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $5,978,175 or approximately 70.1% of such loans are to borrowers who had not graduated as of that date. We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs. As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans. See Appendix A to the preliminary remarketing memorandum.

A-7

2004-5

GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS

AS OF THE STATISTICAL DISCLOSURE DATE

State	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Alabama		130	$	5,159,870		1.6	%
Alaska		20		552,696		0.2
Arizona		372		8,450,071		2.7
Arkansas		74		1,574,951		0.5
California		1,767		37,640,573		11.8
Colorado		200		5,093,411		1.6
Connecticut		221		4,171,805		1.3
Delaware		35		977,441		0.3
District of Columbia		52		920,918		0.3
Florida		1,121		29,121,075		9.2
Georgia		481		13,021,354		4.1
Hawaii		81		1,882,426		0.6
Idaho		57		1,969,793		0.6
Illinois		532		11,320,141		3.6
Indiana		347		8,884,878		2.8
Iowa		36		509,319		0.2
Kansas		255		3,528,730		1.1
Kentucky		93		2,187,567		0.7
Louisiana		394		10,717,068		3.4
Maine		44		869,367		0.3
Maryland		362		9,259,820		2.9
Massachusetts		408		6,619,168		2.1
Michigan		253		6,083,430		1.9
Minnesota		159		3,470,195		1.1
Mississippi		99		2,613,407		0.8
Missouri		275		5,115,898		1.6
Montana		15		314,652		0.1
Nebraska		29		1,251,958		0.4
Nevada		115		3,874,284		1.2
New Hampshire		78		1,687,632		0.5
New Jersey		409		8,741,982		2.7
New Mexico		48		1,119,897		0.4
New York		930		19,084,115		6.0
North Carolina		303		6,092,707		1.9
North Dakota		6		63,172		*
Ohio		420		10,145,510		3.2
Oklahoma		267		6,370,251		2.0
Oregon		167		3,426,912		1.1
Pennsylvania		491		8,901,806		2.8
Rhode Island		38		962,543		0.3
South Carolina		164		5,476,798		1.7
South Dakota		26		598,018		0.2
Tennessee		183		4,714,580		1.5
Texas		1,210		28,709,037		9.0
Utah		50		1,026,052		0.3
Vermont		11		262,020		0.1
Virginia		380		6,908,997		2.2
Washington		354		6,629,079		2.1
West Virginia		75		1,555,524		0.5
Wisconsin		144		3,677,793		1.2
Wyoming		10		698,605		0.2
Other		166		3,984,233		1.3

Total		13,957	$	317,993,531		100.0	%

*	Represents a percentage greater than 0% but less than 0.05%.

A-8

2004-5

We have based the geographic distribution shown in the table on the billing addresses of the borrowers of the trust student loans shown on the servicer’s records as of the statistical disclosure date.

Each of the trust student loans provides or will provide for the amortization of its outstanding principal balance over a series of regular payments. Except as described below, each regular payment consists of an installment of interest which is calculated on the basis of the outstanding principal balance of the trust student loan. The amount received is applied first to interest accrued to the date of payment and the balance of the payment, if any, is applied to reduce the unpaid principal balance. Accordingly, if a borrower pays a regular installment before its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater. Conversely, if a borrower pays a monthly installment after its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less.

In either case, subject to any applicable deferment periods or forbearance periods, and except as provided below, the borrower pays a regular installment until the final scheduled payment date, at which time the amount of the final installment is increased or decreased as necessary to repay the then outstanding principal balance of that trust student loan.

The servicer makes available to borrowers of student loans it holds (including the trust student loans) payment terms that may result in the lengthening of the remaining term of the student loans. For example, not all of the loans sold to the trust provide for level payments throughout the repayment term of the loans. Some student loans provide for interest only payments to be made for a designated portion of the term of the loans, with amortization of the principal of the loans occurring only when payments increase in the latter stage of the term of the loans. Other loans provide for a graduated phase in of the amortization of principal with a greater portion of principal amortization being required in the latter stages than would be the case if amortization were on a level payment basis. The servicer also offers an income-sensitive repayment plan, under which repayments are based on the borrower’s income. Under that plan, ultimate repayment may be delayed up to five years. Borrowers under trust student loans will continue to be eligible for the graduated payment and income-sensitive repayment plans. These programs are applicable to the trust student loans and may be offered by the servicer to related borrowers at its discretion.

A-9

2004-5

The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY REPAYMENT

TERMS AS OF THE STATISTICAL DISCLOSURE DATE

Loan Repayment Terms	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Level Repayment		6,490	$	111,445,556		35.0	%
Other Repayment Options⁽¹⁾		5,453		109,496,965		34.4
Income-driven Repayment⁽²⁾		2,014		97,051,009		30.5

Total		13,957	$	317,993,531		100.0	%

(1)	Includes, among others, graduated repayment and interest-only period loans.

(2)	Includes income sensitive and income based repayment.

With respect to interest-only loans, as of the statistical disclosure date, there are 63 loans with an aggregate outstanding principal balance of $4,622,288 currently in an interest-only period. These interest-only loans represent approximately 1.5% of the aggregate outstanding principal balance of the trust student loans. Interest-only periods range up to 48 months in overall length.

The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date. If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY LOAN

TYPE AS OF THE STATISTICAL DISCLOSURE DATE

Loan Type	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Subsidized		6,689	$	116,404,420		36.6	%
Unsubsidized		7,268		201,589,111		63.4

Total		13,957	$	317,993,531		100.0	%

A-10

2004-5

The following table provides information about the trust student loans regarding date of disbursement.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY DATE OF DISBURSEMENT AS OF

THE STATISTICAL DISCLOSURE DATE

Disbursement Date	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
September 30, 1993 and earlier		55	$	4,004,019		1.3	%
October 1, 1993 through June 30, 2006		13,902		313,989,511		98.7
July 1, 2006 and later		0		0		0.0

Total		13,957	$	317,993,531		100.0	%

A-11

2004-5

Guaranty Agencies for the Trust Student Loans. The eligible lender trustee has entered into a separate guarantee agreement with each of the guaranty agencies listed below, under which each of the guarantors has agreed to serve as guarantor for specified trust student loans.

The following table provides information with respect to the portion of the trust student loans guaranteed by each guarantor.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY GUARANTY AGENCY AS OF

THE STATISTICAL DISCLOSURE DATE

Name of Guaranty Agency	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
American Student Assistance		658	$	11,077,538		3.5	%
College Assist		5		644,519		0.2
Educational Credit Management Corporation		1,081		23,512,536		7.4
Great Lakes Higher Education Corporation		7,178		177,532,285		55.8
Kentucky Higher Educ. Asst. Auth.		504		7,874,850		2.5
Michigan Guaranty Agency		130		2,727,658		0.9
Oklahoma Guaranteed Stud Loan Prog		274		6,392,503		2.0
Pennsylvania Higher Education Assistance Agency		1,369		26,182,906		8.2
Texas Guaranteed Student Loan Corp		2,758		62,048,736		19.5
Total		13,957	$	317,993,531		100.0	%

A-12

2004-5